FX.co ★ GBP/USD

Hello traders, The GBP/USD currency pair on the H1 chart is showing a bearish movement, with the Moving Average indicator (period 120) confirming the southern direction as the price is below it. The descending structure is supported by the Zig Zag indicator, as significant lows are decreasing. Bearish strength is confirmed by the hourly candle closing below the moving average at the 1.3200 level. Selling is more favorable than buying in this scenario. I plan to sell from the resistance level at 1.3210, setting the first take profit at 1.3170. The second target could be considered at the 1.3130 level, with a stop loss for both orders set at 1.3240. I will consider buying if the pair consolidates above the 1.3270 level. The take profit is set at 1.3310, and potential losses for the buys are capped around 1.3240. To confirm the bearish direction, I will use a lower timeframe, M15.